Presenting draft financial statements for 2016 to Smiths Falls town council on May 15, auditor Howard Allan said the town’s finances are moving “in the right direction.”
Allan noted that in 2016, Smiths Falls’ revenues were more than budgeted, while operating expenses came in slightly less. The town was also able to pay down some of its debt, reducing overall debt from $16 million to $14 million.
“The town continues to improve financially, and 2016 was no exception to that,” said Allan. “Overall, I think 2016 was a good year.”